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- SOL NFTs Put The Entire Market On Their Back
SOL NFTs Put The Entire Market On Their Back
All eyes on y00ts and t00bs
Welcome to the Exit Liquidity newsletter, the place to stay up to date on the ridiculous things that happen in the Crypto, NFTs & Web3. If you are looking to join the community check out the AlphaMint Discord where all the degens gather to chat in the dojo.
This weekend was a tale of two networks. People were excited for the DigiDaigaku Spirit airdrop on the Ethereum network while others were losing their minds waiting for the y00ts drop on the Solana network. With the NFT market volume hitting lows, it’s hard to feel like it with so much excitement and chatter about these two projects. Let’s not leave out the ultimate sleeper and volume driver in the space over the Labor Day weekend, ENS domains. They have been going crazy and market euphoria is hitting and breaking all time high after all time high in almost every category of ENS domains.
The DigiDaiGaku Spirit airdrop went down last Friday, Sept. 2nd. We saw the DigiDaigaku floor waiver a bit from it’s ATH of 16 ETH to settle around a 9 ETH floor as of writing. It should be no surprise as many traders in the space will look to maximize profits and try to time the top for those sweet gainz while walking away with the free airdrop or even flipping both. The Spirits are the next step in the Free-To-Own NFT game that is coming from the hyped DigiDaigaku project. Founder of DigiDaigaku, Gabriel Leydon, breaks down how your Spirit will work with your DigiDaigaku to create a Hero NFT. The gamification of the project has officially begun. We are sure this is the first of many layers to come that they will add to the game and the DigiDaigaku ecosystem to keep investors and community happy as well as engaged.
The project that no one could ignore if they spent anytime on Twitter this weekend was y00ts. y00ts is a 15k NFT collection on the Solana blockchain. It’s from the creators of DeGods which is one of the biggest and most profitable SOL NFT projects which means people are going to try their hardest to get their hands on a y00ts to cash in. They were smart on how they went about their whitelist. First, it was an application. You basically had to prove to them you were worthy so, naturally, a bunch of celebrities and well known Crypto/NFT Twitter influencers were given WL so they could all tweet about it. This built up the hype. They want everyone to believe that it was a transparent and fair process and that they personally went over the 70k+ applications. We swear we aren't bitter, but come on, they personally looked at 70k+ applications?? This is where we should insert the press "X" to doubt meme, but you get the point.
For those that were lucky enough to make whitelist, or as they call it “receive a Scholarship,” the next thing they did was make people mint with their token $DUST instead of SOL. Each y00ts mint costs 375 $DUST. This way they keep it all in the DeGods ecosystem and benefit holders and their community which is brilliant.
This was all supposed to start on Sunday, but the mint was delayed 24 hours due to a bug in the contract. With a few more delays throughout Monday, the project finally started minting Monday night.
In true hype project form, the website crashed and many were getting errors when trying to access the mint. At the time of writing it looks like less than 15% have been minted. It appears the SOL network did not crash though which is a huge victory for the blockchain even with many predicting that it would.
Writing this while the mint is still going and the floor bouncing between 125 SOL and 140 SOL it’s hard to say where the price will finally rest with another 10k+ NFTs to mint. One thing we can definitely appreciate and acknowledge is that even during the bearest of NFT markets, the y00ts/DeGods team has done an amazing job of creating hype and rallying the market behind the project.
The OG NFT marketplace Opensea has announced what they are calling the Minter Token. In their words, “This will be a pivotal step forward for NFT utility and creativity, unlocking a whole new wave of gated experiences for collectors and creators.” I have no idea what this is, but it’s definitely not the token drop many of us are still huffing that hopium for. Given OpenSea and their total lack of giving a shit for their customers, it’s probably a token that users will have to buy which will net them even more money on top of what they’ve already raked in from their fees. Time will tell what this is and maybe we will all be surprised, but definitely something to keep an eye out for.
Lastly, in the latest edition of be your own bank, get a hardware wallet and don’t store money on exchanges, Binance announced that they will no longer be supporting USDC, Pax Dollar (USDP) and TrueUSD (TUSD) and will be auto converting any remaining or newly deposited balances to Binance USD (BUSD). There are many reasons for the exchange to no longer support these stable coins, but for now they are citing "In order to enhance liquidity and capital-efficiency for users". Given Binance is one of the largest and most used Crypto exchanges in the world, we want to give everyone a heads up on what’s happening. Again, get a hardware wallet. Never store your coins on an exchange. Be your own bank.
Crypto
Sudoswap, decentralized NFT marketplace, announces a $SUDO token drop
FTX halts deposits and withdrawals of Arbitrum, Solana, BSC during the Merge
Binance halts deposits and withdrawals for ETH and Wrapped Ether ($WETH) on Arbitrum, OP, and RON ETH/WETH networks
Bitcoiner known as Doctor Bitcoin is sentenced to federal prison for OTC trading
NFTs
Bill Murray, famous actor and comedian, had his Ethereum wallet hacked and $174,000 in WETH stolen. The funds were raised through his recent NFT charity auction
FIFA Launches NFT Platform on the Algorand blockchain
LG Electronics launches NFT platform that lets users buy and sell digital artwork
The Wall Street Journal spreads FUD with their piece on NFTs becoming the next terrorist funding method
NFT scam and rug pull watchdog group, Rug Pull Finder, launches NFT project and gets scammed
Web3
The Can’t Be Evil NFT Licenses by by Miles Jennings and Chris Dixon of a16z
The Future Of On-Chain Gaming by Alec Chen
Thread on understanding Tokenomics by @thedefiedge
Disclaimer: The Exit Liquidity Newsletter is meant to be an informational and entertaining way to share interesting things found in and around the Crypto, NFT and Web3 space. Nothing in this newsletter should be taken as the contributor's, Exit Liquidity's or AlphaMint's personal opinion or views. Nothing in this newsletter constitutes as professional and/or financial advice. Cryptocurrencies and crypto-related assets can be extremely risky investments, invest at your own risk. This newsletter may contains links from sponsors or affiliate programs.
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